SBI Life – eShield

SBI Life Insurance Company is one of the leading insurers today in India which was established in the year 2001. SBI Life Insurance Company is a result of the amalgamation of State Bank of India and BNP Paribas Cardif, two globally known and well-established service providers in the financial domain. This key player in the insurance market offers a comprehensive range of insurance and investment products that cater to the insurance and investment needs of various customer segments. The product offered help traditional and new-age plans that help its customers to avail complete financial protection and wealth creation for meeting long-term goals.

What is Term Life Insurance?

Term insurance plan is the simplest and pure of insurance products offered by insurance companies. The term insurance plan provides protection against the uncertainties of life. Basically, for the premium that you pay, you will be provided financial protection for a specific period of time against uncertainties. In case of untimely demise during the policy term, the sum assured of the policy is paid as a death benefit to the beneficiary. In case the policyholder survives the entire policy term, then no benefit will be paid in return.

SBI Life’s eShield

SBI Life’s eShield is a non-linked, non-participating pure online term insurance plan. This digital offering from SBI has made availing financial protection very easy for its customers. It is a pure term plan offered on a digital platform for all the tech-savvy customer segments. With the effortless and simple enrolment process, financial protection can be availed with a few clicks on your computer. The plan offers multiple amazing easy-to-understand features.

Features of SBI Life’s eShield

  • Future financial security for the family at an affordable cost
  • The easy and simple enrolment process
  • Choose the protection as per your choice as life cover is offered in two different structures :

    • Level cover
    • Increasing cover
  • Rewards for a healthy lifestyle
  • The inbuilt benefit of accelerated terminal illness cover
  • Additional optional riders to enhance the coverage

    • SBI Life – Accidental Death Benefit Rider
    • SBI Life – Accidental Total and Permanent Disability Benefit Rider
  • Option to avail second medical opinion by Mediguide India on your diagnosis and treatmentsMediGuide is a U.S.A based company and a world leader in the medical second opinion that has a wide presence globally including India.

Benefits of SBI Life’s eShield

  • Flexibility : The plan offers flexibility to choose the benefits from two different structures available.
  • Level cover benefit : The sum assured and the premium remains the same throughout the policy term under this structure. In the event of death or in case of diagnosis of terminal illness, whichever is earlier, ”sum assured on death” is paid to the beneficiary and the policy is terminated.

    Where, ”sum assured on death” is higher of the following :

    • 10* annualized premium
    • 105% of total premiums paid till the date of the claim
    • Absolute amount assured to be paid on death
  • Increasing cover benefit : Under this structure, the sum assured automatically increases at the end of every 5th year of the policy at a simple rate of 10%. Premiums remain constant throughout the term. In the event of death or in case of diagnosis of terminal illness, whichever is earlier, ”sum assured on death” is paid to the beneficiary.

    Where, ”sum assured on death” is higher of the following :

    • 10* annualized premium
    • 105% of total premiums paid till the date of the claim
    • The sum assured which is equal to the sum assured increased at 10% simple rate at the end of every 5th policy year.
  • Protection at a reasonable rate :The policy provides complete financial protection in an uncertain event like death and diagnosis of a terminal illness. Without any additional cost, policy avails you seek a second medical opinion on your diagnosis and treatments.
  • The reward for non-smokers : Healthy lifestyle and ‘no smoking’ can help you save some money on premium cost. Take a look at premium details for male& female aged 30 for Rs. 50 lakhs coverage.
Level cover
Age (in years) The premium for a Policy term
10 years 20 years 30 years
Healthy, non-smoker male 30 Rs. 3735 Rs. 4115 Rs. 5400
Healthy, non-smoker female 30 Rs. 3480 Rs. 3740 Rs. 4780
Increasing cover
Age (in years) The premium for a Policy term
10 years 20 years 30 years
Healthy, non-smoker male 30 Rs. 3825 Rs. 4550 Rs. 6650
Healthy, non-smoker female 30 Rs. 3560 Rs. 4105 Rs. 5835
  • Additional riders (optional) :Your policy coverage can be enhanced by availing SBI Life – Accidental Death Benefit Rider and SBI Life – Accidental Total and Permanent Disability Benefit Rider at an additional cost.
  • Tax Benefits :Tax deductions under Section 80C of the Income Tax Act for the premiums paid can be availed. Benefits paid out are tax exempt under Section 10 (10D) of the IT Act.

Eligibility Criteria for SBI Life’s eShield

Eligibility conditions Minimum Maximum
Coverage options Level cover Increasing cover
Entry age
For Level cover
For Increasing cover
18 years
18 years
65 years
60 years
Maturity age
For Level cover
For Increasing cover

80 years
75 years
Policy term
For Level cover
For Increasing cover
5 years
10 years
80 years less entry age
75 years less entry age
Premium payment mode Yearly/Half-yearly/Quarterly/Monthly
Premium loading Half-yearly: 51% of yearly premium
Quarterly: 26% of yearly premium
Monthly: 8.5% of yearly premium
Premium payment term Same as policy term
Premium frequency loading Same as the policy term
Premium range
(For the minimum sum assured mentioned below Rs. 35 lakhs)
Rs. 2,779
Rs. 1,418
Rs. 723
Rs. 237
No limit
Sum assured range ( in multiples of Rs. 100000) Rs. 35,00,000 No limit

Premium Illustration

Below are the indicative premium rates for a 30-year-old male and female life based on lifestyle, benefit structure and term chosen.

Sum assured: Rs. 50, 00,000

Benefit structure Gender Lifestyle Term ( in years) Annual premium (in Rs.)
Level cover Male Smoker 30 8,835
Non-smoker 5,400
Female Smoker 7,585
Non-smoker 5,400
Male Smoker 40 12,205
Non-smoker 7,225
Female Smoker 10,410
Non-smoker 6,305
Increasing cover Male Smoker 30 11,160
Non-smoker 6,650
Female Smoker 9,525
Non-smoker 5,835
Male Smoker 40 17,020
Non-smoker 9,865
Female Smoker 14,450
Non-smoker 8,535

Who should buy SBI Life’s eShield plan?

SBI Life’s eShield plan is suitable for every bread earner of the family and also for any individual having financial dependents on him/her. Especially, if you are a tech-savvy person seeking insurance coverage with customisable features, SBI Life’s eShield plan is an ideal choice for you.

When should you buy SBI Life’s eShield plan?

SBI life’s eShield plan can be bought anytime from your 18 years of age to 65 years. However, it’s recommended to buy the coverage as early as possible to get comprehensive coverage at a relatively lesser rate.

Documents required for buying SBI Life’s eShield plan

  • PAN card is mandatory
  • Income proof : salary slip/ income tax return/employer certificate
  • Identity card : Aadhaar card / Driving license/PAN card/Passport or any other document with
    photograph issued by government/ statutory/ regulatory authorities or by public sector
  • Proof of residence : Municipal tax receipts/ utility bills/ passport/bank statement etc.

Surrender of SBI Life’s eShield plan

SBI Life’s eShield plan provides no surrender/ paid-up value benefit

Loan facility in SBI Life’s eShield plan

Loan facility is not available for SBI Life’s eShield plan.

Exclusions in SBI Life’s eShield plan

If the life assured, whether sane or insane, commits suicide within a year from policy inception or from the date of revival of the policy, then the policy will be void and no death benefits will be paid. However, 80% of the total premium paid as on date of death intimation will be paid to the beneficiary/nominee.


SBI life’s eShield is a tailor-made term insurance plan for tech-savvy and educated customers seeking pure protection. It’s seamless and easy processing with options to customise the policy with add-ons makes it a competent digital product.


SBI Life’s eShield is an online plan which can be bought online in a few simple steps.

  • Select your desired benefit structure, the sum assured and policy term
  • Fill in the application online with all your relevant details such as personal
    details, nominee details, health details etc.
  • Upload all the self-attested KYC documents
  • Make a payment of premium through your internet banking/debit card/credit card.

Yes. The policy can be revived within two years from the first unpaid premium.

Yes. SBI Life’s eShield policy can be cancelled during the free-look in the period in case you are not satisfied with the terms and conditions of the policy. There are 30 days free-look in the period given for SBI Life’s eShield plans. However, you need to mention the reason for cancellation/ objections to the terms and conditions specified.

In SBI Life’s eShield plan, ‘terminal illness’ is defined as the conclusive diagnosis of an illness that is expected to result in the death of the life assured within 180 days from the date of diagnosis.

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